State-owned Indian Oil Corporation on Thursday said the crude oil throughput out of its refineries rose to 100 per cent in November 2020, as consumption of all petroleum products has almost reached pre-Covid levels.
On a sequential basis, this figure stood at 88 per cent in October and last year for the same period last year, it was 99 per cent.
The company said that as the Indian economy prepares to bounce back, IndianOil has gradually raised the throughput of its refineries to the maximum capacity in six months from about 55 per cent of rated capacity at the beginning of May 2020.
In November 2020, the sale of ‘Motor Spirit’ (petrol) was 1.06 MMT, which is higher by 4 per cent as compared to the same period last year.
Besides, the company said that demand for LPG has gone up by approximately 1.4 per cent to 1.09 MMT as compared to the corresponding period last year.
On the other hand, although HSD (diesel) has registered a growth of 2 per cent as compared on a month on month basis, it was still 9 per cent less when compared on a year-on-year basis.
Furthermore, the company said that jet fuel (ATF) registered a growth of 4 per cent as compared to October 2020 but was still 45 per cent less when compared on a year-on-year basis.
Concomitantly with the growing consumption of white oils, petrol, diesel and ATF, the demand for black oils and speciality products like fuel oil, bitumen, petcoke and sulphur also improved enabling an increase in throughput of refineries.
“The Indian economy continues to witness the green shoots of revival. As we get closer to the Covid-19 vaccine roll-out, the fundamentals of the economy being strong, we see a rapid V-shaped recovery in the overall consumption of petroleum products,” said IndianOil Chairman S.M. Vaidya.
“All our project sites too are witnessing a revival in terms of construction activities.”
“In view of this, IndianOil the largest oil refiner of the country is all geared up to meet the rising market demand in accordance with objectives of the Atmanirbhar Bharat Mission to place the economy on the path of growth resolutely.”
Also Read: Iran set to increase oil production and exports
Also Read: India to press for Iran, Venezuela Oil as Trump leaves
